Short Answer Questions · Q3
Q.State any four essential features of bill of exchange.
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✓ Free question
Four features: in writing; unconditional order to pay; signed by the maker; a certain sum payable to a certain person.
Four essential features of a bill of exchange are:
- It must be in writing.
- It must contain an unconditional order to make payment.
- It must be signed by the maker (drawer).
- The amount must be certain and payable to a certain person, either on demand or after a fixed period; it must also be properly stamped.
✓Final answer
It must be in writing, contain an unconditional order to pay, be signed by the maker, and be payable for a certain sum to a certain person on a certain date.
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